This guy has fairly clear wisdom of educate people..I wish nothing but the upmost success in his business endeavors.Great explanation and speech.
@karlbruhner91405 жыл бұрын
KZfaq is full of so many wonderful people willing to share extremely valuable information for free. Thank you and all others like you.
@casparandechs47584 жыл бұрын
Cheers kalle
@cherxachang4 жыл бұрын
Karl Bruhner jj
@alexgdaq81463 жыл бұрын
Look up on KZfaq Gene kim Robert breaker Chuck Missler
@RobertFrank773 жыл бұрын
I realize that this video is somewhat dated, but I have to comment that the material that you presented was clearly articulated, in a manner that anyone could understand. You have a new subscriber. Thanks
@Ang3l_dwg5 жыл бұрын
Thank you so much man this is the type of education I need, we need.
@paulmouradian89683 жыл бұрын
Great job Gannon, clear. Great diagrams and explanations
@blockchainbusiness59605 жыл бұрын
Extremely clear and concise...Thanks!
@GannonWealthSecurityPartners5 жыл бұрын
Blockchain Business thank you!!
@angelazayas27534 жыл бұрын
I'm so glad I found this site. I have so many questions
@shilpaniraj19804 жыл бұрын
Thank you so much. This is very valuable information to understand the basic advantages.
@koukimonzta3 жыл бұрын
Thank you for sharing
@bishoplin9201 Жыл бұрын
Great video!
@johnmakra82655 жыл бұрын
thank you for sharing your knowledge and making it simple and easy to understand
@dks138274 жыл бұрын
Very good. The way I say it is: :Probate transfers property from deceased person to heirs.
@supremeali97033 жыл бұрын
A lot of info in 15 minutes. Thanks
@hieubui36605 жыл бұрын
great video President Jimmy
@pappu24056 жыл бұрын
Very nice Tutorial
@user_abcxyzz4 жыл бұрын
In a irrovocable trust you give up ownership, not control. You absolutely control it. It's not gonna control itself 😂
@JohnSmith-vy4lh6 жыл бұрын
What ever trust you get make sure it's a lawful trust not a legal trust .
@haileygebreski80715 жыл бұрын
what is the difference, just curious?
@Trustn017184 жыл бұрын
I'm about to Google the diff but thanks for the lead 👍
@MrCMVikram3 жыл бұрын
Very good information.
@SacredGodEnergy2 жыл бұрын
🔥🔥🔥💎
@lindapepin37603 жыл бұрын
Thank you for the information you shared. Question? Can we have a revocable trust as well as an irrevocable with different assets in each?
@anandreddy56645 жыл бұрын
I have a lawyer and an accountant I'm going to put them to use.
@rianryelee5 жыл бұрын
KZfaq can be amazing
@arnoldtorres16833 жыл бұрын
You my guy are a fantastic person
@janettedavis66273 жыл бұрын
Is this the same in Australia ? Terrible thing happened here this year The Public Trustees are government and trust for people with no family in Australia. Two were arrested they stole over 6,000,000 over years from estates so the charities never got the money. Who do we Trust.
@jackwilliams89863 жыл бұрын
Great job buddy.well explained
@RobertMOdell4 жыл бұрын
Is there a video showing how estate tax works when you use a trust to pass your estate to your heirs ?
@pallavisreetambraparni69953 жыл бұрын
i have had six major surgeries am a hydrochepalus patient and i am a spasticity patient with mild cerebral palsy so i will definitely need money for medical bills.
@idontwantachannelimjustcom77456 жыл бұрын
Low income medicaid is based on you modified agi income... Can you buy rental real estate, put it in an llc. Put the llc into a trust. Run the llc yourself with a property manager and pass all income to the trust? Have the income show up on the trust's tax return? Add money to the trust for 7+ years buying more real estate. Then once enough income is built up retire and collect income yourself? Add other family as beneficiaries as income allows? This would allow someone to work at mcdonalds, strategically use a 401k/IRA to limit MAGI, and save money in productive assets to retire early if they managed to live below their means. Taxes on the income on the trust's taxes is currently not a concern.
@angelamellott83092 жыл бұрын
great
@rachellelyan82103 жыл бұрын
Could I sell the property after i put my property in the irrevocable trust if the trustee agrees? Or, what happens to the assets in the irrevocable trust if the trustee passes away before you?
@yungdadi5 жыл бұрын
Education is everywhere
@janettedavis66273 жыл бұрын
This is very detailed explanation but I live in Australia.
@ShawnaCostonPhD7 жыл бұрын
Love the way you teach. Dear.
@BreuckelensFinest5 жыл бұрын
Who loves the way he teaches?
@GannonWealthSecurityPartners5 жыл бұрын
Hopefully everyone finds value in this information!
@rogsolaris74113 жыл бұрын
Can’t you list a beneficiary for an asset not in a trust - in a will? If my will says the house goes to joe, doesn’t it automatically just go to joe? Or does a will mean it will still go through probate?
@USSJ2Otaku30845 жыл бұрын
Okay, so from watching this video and some my own research, I know a bit of the difference of Revocable and Irrevocable Trust. Say if there's a large windfall and a person wants to include their blood sibling. Both want anonymity and want to have a trust for very reasonable reasons. Both want to leave their state to get better quality of life. It's terrible that only a few States can get anonymity without using a trust. Everyone that knows them, either knows their parents, their cousins, aunts and uncles (even bus drivers); they're so easily to be spotted out. They just want to be anonymous and hurry up and leave because the city is too small and they also want to travel and try to live and study abroad. State is like 6.5% and Federal is 25%. They want to be in control and also be anonymous for the time being until they're out. Which trust should they go for? From sites I've read recommended, to go for a Trust within a Trust; a claiming trust and something about a bridge trust. This is my burning question
@ethereal12574 жыл бұрын
We have an irrevocable trust as well as an irrevocable Poa for my adult son who is just 23 years old. for a list of unusual circumstances I wont go into. However he has never had any money to speak of. He recently applied for unemployment and is expected to receive a unguaranteed amount but I would say no more than around $12,000. total (if that.) The trust went into affect more than a year ago but has never been funded since there were no funds. I am the first trustee and his elder brother is the 2nd. Would it be ok if his brother funded and managed the trust and finances instead of me? Woukd we need to do anything specific in order for that to take place? Also does the grantor need to be present in order to open a bank account to fund the trust or can I or his brother or both of us do it without him being present? Thank you for your help.
@theMarcSolo2 жыл бұрын
Thank you for this 🙏🏽
@julioeduardo055 жыл бұрын
Great video
@tanyam24886 жыл бұрын
If a person were to open an irrevocable trust (so they can't withdraw for themselves, or without a trustee) how are taxes paid? Are they paid during life, or after death? If they are paid during life; who handles the payments? Secondly, what is the benefit or purpose of opening a revocable trust, and then making an irrevocable trust the Trustee? Thank you! Great video!
@GannonWealthSecurityPartners6 жыл бұрын
Hi Tanya, taxes are paid from the trust on income earned by the trust. If you have real property such as real estate, property taxes would also be paid from the irrevocable trust. If the trust does not have the liquidity to pay the property taxes, those could be gifted from the grantor to the trust to pay those applicable taxes. You second question requires more information. What are you attempting to achieve?
@theone83315 жыл бұрын
You are not a person , you are a woman , a person is a dead entity , a legal fiction.
@richardbranch94523 жыл бұрын
Mr Jim Evens, I’ll be looking at State Laws. But my question is in understanding your example. (Think video was 2016, your about to get married - June - when ever that was Happy Anniversary!) in example one has $15M that person gifting $1M to Irrevocable Trust. With the lifetime exemption (life coupon of $5.45M Fed Tax) that $1M Assets is protected from creditors and taxes. My question is: being banks FDIC only secure $250,000.00. Would it be feasible to have that $1M backed in 5 separate Irrevocable Trust with $200,000.00 in each?
@WITH-THE-BUSINESS.5 жыл бұрын
Very Good Information Sir.
@GannonWealthSecurityPartners6 жыл бұрын
If you've found this video to be helpful or if you've called our office and had a free call with Jim and found value in it - we would greatly appreciate it if you could leave a review on google about your experience watching our videos or speaking with Jim. Please help us get the word out that we're honestly here to help! You can find us by searching Gannon Wealth Security Partners in your google search! Thanks again for watching our videos!
@juanitayoung805 жыл бұрын
If the person dies and doesn't have living spouse but older children..... No living will, trust or beneficiary....What can happen to the assets?
@nerd19004 жыл бұрын
can you sell the asset in the Irrevocable trust? such as houses, business, company shares
@davidmauerer64473 жыл бұрын
From what I understood, YOU cannot sell the asset. You lose control of the asset once you put it in the irrevocable trust. The trustee manages the assets on behalf of the beneficiary, so i think they can buy/sell/etc.
@todamoon553 жыл бұрын
@@davidmauerer6447 There are always ways to make these changes it just gets expensive.
@davidgleeson9225 Жыл бұрын
Can the state take from the revocable trust when I am hospitalized
@noel8884 жыл бұрын
Revocable trust, irrevocable trust...then what is a revocable estate will?
@cathytrull21234 жыл бұрын
I have a investment Acct @ Fidelity, 401k and brokerage Acct, my husband is the primary beneficiary, but I want to leave my daughters the Acct if my husband dies, do I put it in a trust? I have a selection of entity, Trust and non spouse, which one do I choose?
@pallavisreetambraparni69953 жыл бұрын
very useful
@homeimprovement-irisceball6792 жыл бұрын
Can I invest the money that is in the irrevocable trust for a business purpose
@aleighz653 жыл бұрын
Thank you.
@joeyaz15213 жыл бұрын
256 million needs a trust :)
@MadOldMan-ck5wq5 ай бұрын
Be honest are they not all provisions of the same three party trust and could be accomplished with one Trust rather than rebranding provision to a Trust?
@devettam6 жыл бұрын
Thank you
@161616455 жыл бұрын
Awesome information, can you tell me the type of trust I should have my investment property's in . Multifamily total value is around $700k thank you
@imaginemeplay93173 жыл бұрын
Land trust or LLC
@dudleybrown70305 жыл бұрын
Good video. But, people are "who", not "that". People are who, things are that.
@talkttalk20104 жыл бұрын
Wrong. People can also be that. However, they can’t be which. 😐
@jzk20204 жыл бұрын
Look at that dude over there.... look at who dude over there... yeah, nope.
@maggiemansi54124 жыл бұрын
C. Lincoln he’s the man that I saw... OK. He’s the man who I saw.. OK. He’s the man WHICH I saw. NOPE. Next.
@infoplayuh4 жыл бұрын
Imagine being pedantic enough to make that comment
@toiyeuKL2 жыл бұрын
Thank you for the presentation. What state do you practice in?
@marklaw59585 жыл бұрын
Great video, very clear with energy, emotion and magnetism! I liked the video, subscribed and I’ve sent your link to over a dozen of my friends and family. My sister is the executor for my parents estate and they’re in their 70’s and I’m concerned about them losing all of their assets should they need long term care. I have a few questions: How long does it take to set up both of them? Can I do either a Irrecocable or Revocable Trust Pro Se? Can I use either of them to avoid or prolong foreclosure? Thanks! :
@jamesevans31865 жыл бұрын
How long does it take to set up both of them? Irrevocable take a little bit longer as it needs an TIN number so depends on how "on top of it" your attorney and their staff is at creating an environment of quick turnarounds. Revocable is normally faster as it does not require it's own tax identification number (TIN). Can I do either a Irrecocable or Revocable Trust Pro Se? If you're attempting to help your parents qualify for government programs such as Medicaid, I would suggest looking into a Medicaid Asset Protection (MAP) Trust - this is an irrevocable trust. Can I use either of them to avoid or prolong foreclosure? I would need more circumstantial information before I would provide a response.
@TheAwesome26266 жыл бұрын
Great video.
@andrewdefruscio18005 жыл бұрын
Is there a tax consequence to the trustee in an irrevocable trust? For example, say my house is worth $1 million. I list my parents as the trustees. Do they have a tax consequence? Would they need to file any separate tax return for that trust?
@GannonWealthSecurityPartners5 жыл бұрын
You should always consult with your tax advisers before utilizing any trust-based strategy. Is the house already in the trust and you're replacing your current trustee with your parents? Are you asking if there is a tax consequence for transferring the deed to the trust? That would depend on how you are getting that asset into the trust. If you're gifting the asset to the trust, you would need to look at your state's estate and gifting exemptions to make that determination. From a federal standpoint, it would depend on how much you have already gifted in the past and how much of your lifetime exemption you have already used. This is normally not an issue for most Americans today due to the high federal lifetime estate exemption currently in place. An irrevocable trust must file a separate tax return as it will have its own tax id number. I realize I asked more questions than provided answers, but there are many variables to your situation that would be necessary information to be known to provide an accurate response.
@casparandechs47584 жыл бұрын
He's a snacc
@drashishpatel12 жыл бұрын
Can I creat family trust and I become a trustee, Transfer my assets and investment account in with cash to protect my assets? Will it provide me tax benefits? Thank you.
@marklaw59585 жыл бұрын
One more question: can I set it up so that I’m the Trustee?
@ethanm89294 жыл бұрын
Mark Law yes
@derrickcarter9276 жыл бұрын
Term insurance in an ILIT what are the advantages and disadvantages of this strategy
@GannonWealthSecurityPartners6 жыл бұрын
Hi Derrick, there are a number of different scenarios where this can be done with different advantages and disadvantages. If you already have a term insurance policy, gifting the policy to the trust can usually be done with very little gift exemption used because the term policy has almost no value unless you pass away. If you are in good health this gift will be close to zero, if not zero. If you don't have a term policy and looking to set up a trust owned term policy, the best advantage here is cost. The term policy can still be owned by the trust allowing the death benefit to be paid to the trust outside of the estate which could be very useful in mitigating state estate and inheritance taxes depending on what state you live in. Another advantage of this strategy could be utilizing a term policy to lock in your ability to be insured, while you wait for a later event that will bring in cash flow such as an inheritance or possibly stock options from an employer or M&A deal. The disadvantage to the term policy inside of a trust is the same as a term policy personally owned - there is a possibility that you outlive the term of of the policy. The term policy may be able to be renewed annually after the original term has ended, but at much higher premium costs each year. You may also want to utilize a term and permanent life insurance product combination as a laddered strategy allowing the permanent policy's death benefit to grow over time and the term policies expiring to reduce the cost of premium each year.
@benpracht2655 Жыл бұрын
What kind of attorney sets these things up?
@GannonWealthSecurityPartners Жыл бұрын
Trust and Estate Attorney or Elder Law Attorney
@1kajstar14 жыл бұрын
Interesting.
@JulissaRosado5 жыл бұрын
Could you provide best options for foreign investor in a US llc to avoid or lower federal estate tax.
@JohnDoe-zl8pd4 жыл бұрын
Question. I could use a 709 and gift property into an Irrevocable Trust and retitle so the Trust owns the asset?
@GannonWealthSecurityPartners4 жыл бұрын
John Doe yes absolutely filing the 709 form completes the gift along with the retitling of the asset to the trust.
@JohnDoe-zl8pd4 жыл бұрын
@@GannonWealthSecurityPartners Perfect. Thanks so much for replying. You have made life easier.
@mcoleman20095 жыл бұрын
I have a question about converting a term life insurance policy. I've paid on a 15 yr term life insurance policy for about 3 yrs now, does it have to be a certain age before converting?
@GannonWealthSecurityPartners5 жыл бұрын
Michelle Regan No, in fact, most times it is better to convert earlier than later for several reasons. If the policy can be converted to a whole life policy, most times that capability expires after your policy reaches a certain age. Also, remember the conversion keeps your health risk the same, so the whole life policy will be more expensive as you grow older. Converting the policy simply means that you can convert it to a whole life policy at the rating you previously qualified for when you purchased your term policy. There are a few nuances to this based on the carrier. If you’d like, you can email jim@gannonwsp.com your policy questions and he can answer them more personally for you regarding the process, your carriers limitations, and sometimes you can receive a credit towards your new premium equal to your last 12 months of payments to your term policy.
@SteveK99Sub5 жыл бұрын
Who files the taxes on a revocable trust? If I do my own personal taxes can I or do I have to file a separate return for the trust?
@GannonWealthSecurityPartners5 жыл бұрын
You do not have to file a separate return for a revocable trust, a revocable trust does not have an EIN number so all income would pass through to you.
@catcondo93098 ай бұрын
Is he explaining an American Trust or Canadian Trust?
@paxetbonum49344 жыл бұрын
What about a Grantor Trust?
@JamesGaskins19563 жыл бұрын
Do you have information on a plain Contact Trust?
@rickeyalyles76093 жыл бұрын
Can the the title4dprogram take your trust funds ?
@SUPERCIVILIAN444 жыл бұрын
Do the same rules apply for canadians?
@alkabulonincorporated6736 жыл бұрын
How do we pull money from the trust to use it
@GannonWealthSecurityPartners6 жыл бұрын
That's a loaded question, but a good one! Actually, it's a question we get often from my our clients. The quick answer is it depends. It depends on what type of trust you have, who is the grantor, who is the beneficiary, what was the purpose of the trust? Assuming it is an irrevocable trust, (Revocable Trust - this isn't an issue), there are things you need to know and how you do it is the most important thing you need to know. If you'd like a more detailed answer, please email Jim, the individual in this video, Jim@GannonWSP.com and he'd be happy to help you understand what you can do and how you can do it. Good Luck and thank you for your comment!
@danle16886 жыл бұрын
How do we go about adding a Term Insurance into the trust? And how do you mean when you say convert the term?
@GannonWealthSecurityPartners6 жыл бұрын
Hi Dan, you would apply for the term policy just as you would as if you applied for a personal policy, however, you would list the owner as the trust. In terms of converting the policy, each insurance carrier has different rules and times for each product on when and how it can be converted. The conversion of a term policy refers to the ability to change the term policy into a permanent policy such as a guaranteed universal life or whole life product. The conversion allows your term policy to become a permanent policy which allows it to be paid no matter when you die rather than the possibility that you outlive the policy and the death benefit is never paid.
@Bmywudt25 жыл бұрын
Can you change a trust or will through your bank? And if a will or trust can be changed through the bank, how can it be viewed? Does the bank contact the beneficiaries after the person dies?
@dwandascott39475 жыл бұрын
Trying to set a trust for my family for education for generations to come not just my children but children from my great grand parent blood line. Can this be done? if so, how much would it cost to get started. My great grand parents left lots a heir real estate. Can it be added to the trust?
@zotax69485 жыл бұрын
so basically I'm putting my trust in a random financial planner planner or attorney who probably doesn't care about my life and just doers his job for the same reason everyone else does??? I at least understand now why it's called a trust.
@GannonWealthSecurityPartners5 жыл бұрын
Zota X There are good and less than good people in every industry. It is important to find an advisor that you feel comfortable with and understands what you’re trying to accomplish by creating that trust. We get a large number of calls from our KZfaq viewers and many times they’re really not sure what could be accomplished by the creation of the trust. If you have any questions, we’re always here to help!
@zotax69485 жыл бұрын
I've heard that a trust can hold much more money than a bank account, however where in the world is al the money held if not in a bank? what are the rules for getting to hundreds of millions of dollars at any time if I have that much in a trust? where can I go to find out all the 100% accurate details of a trust? like a website. hoiw do i know if the site and or people I'm talking to are legit or not?
@GannonWealthSecurityPartners5 жыл бұрын
Zota X, I would recommend you give Jim a call at (718) 704-0900 and having a conversation with him. The call is free and probably a better vehicle for him to answer your questions in more detail.
@zotax69485 жыл бұрын
ok thx
@rogsolaris74113 жыл бұрын
If you create an irrevocable trust and you no longer control it, well it sounds like you are giving away the ownership of the asset. What is the benefit here to the original owner of the asset? Or is this strictly in the event of death and inheritance?
@monarene44 Жыл бұрын
The benefit to the original owner is that the owner has allocated this pool of money to those persons they want to benefit from it. It is money that the original owners’ creditors (like a nursing home) will never be able to attach. Obviously, you have to be pretty well off to do this.
@ilovepeppers_Alsiare6 жыл бұрын
Kay... So my hubs Mom has a trust fund... Apparently she can only have the interest from the money... And apparently when she dies the money just disappears... Her brother has control of it and what's weird it's he is upgrading his home.... Trust funds are weird.
@scootert73975 жыл бұрын
How does a Blind Trust work? and what benefits are there to it?
@battlebuddy80765 жыл бұрын
GOOD DAY !! - what is the best TRUST for a day trader ?? i live overseas most of the year also
@eyandorriety53545 жыл бұрын
I have several questions about a irrevocable trust I know I can put real estate money assets but can I put wages from an independent contractor job and can I put a LLC company under the trust and if I buy out-of-state property can that go into an out-of-state Trust
@devettam6 жыл бұрын
What about reverse mortgage " can that go into a trust
@GannonWealthSecurityPartners6 жыл бұрын
Dee Miller it would have to be a revocable trust!
@adrianoldchannel24945 жыл бұрын
awesome information
@ginolopresti29973 жыл бұрын
Say you just inheirated 12 million. What trust would i need. And what if i wanna invest in gold and silver would that also go into the trust
@vegace13713 жыл бұрын
Where you located?
@jamesevans46623 жыл бұрын
Brooklyn, NY
@ronbonick42656 жыл бұрын
How much is it to set up a trust ? The paperwork etc Can y'all help ?
@GannonWealthSecurityPartners6 жыл бұрын
Ronbo Nick This is a tough one to answer. It depends on a few variables: (1) The attorney that you hire can charge whatever he or she wants in order to do the work. I’ve seen attorneys charge $1,000 for a basic trust and I’ve seen the same thing cost $2,500. (2) The complexity of the trust. (3) How much work is involved to retitle assets, loan originations, asset swaps, gifting, 709 Forms, Crummey Powers, etc. (4) The value of the assets involved, do you have an estate tax concern at the state or federal level. There are many other factors but these are the big ones. Where do you live? What state? Please do not provide your address!
@ronbonick42656 жыл бұрын
I live in TN , No tax issues . I just want to secure my Home, Car , tools etc . No money to worry about. I live day by day . But with a sue happy world I just want to secure what I have..
@GannonWealthSecurityPartners6 жыл бұрын
Ronbo Nick I think you’re probably looking for a revocable trust, something to provide some privacy, still allow you to do what you wish with the assets, but it will offer very little in the way of creditor protection or sue-happy people. If you chase the benefits of an irrevocable trust, which would provide some asset protection against creditors and lawsuits, however, I strongly believe that the restrictions on control of the asset are not worth the benefits of protection. I’m basing this off what you’re telling me about your situation, but the best thing to do is call a few local attorneys that will give you a free consultation, and discuss in depth your assets, your objectives, your concerns, etc. A local attorney is best because he or she will explicitly know the state and local laws, the necessary language to place inside the trust, as well as the applicable statutes for any given strategy. I hope this helps.
@ronbonick42656 жыл бұрын
thank You !!!!
@pawansharma13163 жыл бұрын
From July 2020 it's mandatory to register Trust in the UK after the 5th money laundering directive. so everyone having the UK Or Non-UK trust must register in the trust register or get help at info@theangeltrust.com
@alexandrosrothenberg878111 ай бұрын
UK is just sucks at all to be frankly...avoid that country
@josephlewis71664 жыл бұрын
Guy im on medicade due to physical DISABILITY i was seriously inured in car accident back in 2004 now in 2019 i was injured in another auto accident can i start a special needs trust so nobody can touch my assestes/ money etc INCLUDING medicade if i recover a judgement? Thnx bud
@chichatbox5 жыл бұрын
Are you international?
@josephlewis71664 жыл бұрын
If you put money in a special needs trust because your on disability can you withdraw money from that trust ?
@courtneysimmons65655 жыл бұрын
WHY ARE YOU YELLING AT ME
@garyfrombrooklyn4 жыл бұрын
Apologies but his example of a Probate as a Town Cryer is funny
@julianaddis1593 жыл бұрын
Why is he speaking so loud?
@bluewrenreilly1293 жыл бұрын
Why are you yelling?
@haroldd69544 жыл бұрын
Terribley confusing and inconsistent information. For example, you never explained why Probate is bad vs a trust, you never talked about Trustee for Revocable Trust, etc
@peteraustin40774 жыл бұрын
Why do Americans have to shout?
@user-oq9zl3bp4t Жыл бұрын
Thank you for the information you shared. Question? Can we have a revocable trust as well as an irrevocable with different assets in each?